City of Lawrence

Neighborhood Resources Department

MEMORANDUM

TO:              Mike Wildgen, City Manager

THRU:                   Victor Torres, Director, Neighborhood Resources

FROM:         Margene K. Swarts, Community Development Manager

DATE:           February 22, 2005

The Community Development Division received a request for a Subordination Agreement for a Mortgage the City holds for a loan recipient.  The information regarding the requests follows:

In January, 2005, Retha Beebe, 2708 Rawhide, participated in the Comprehensive Rehabilitation Loan Program.  In order to participate in the program, she was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property.  Ms. Beebe wishes to refinance the primary mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with Money Line Financial Services.

The City’s interest will be protected and staff recommends that the City Commission approve this request. 

The City Clerk will have these documents ready for the Mayor's signature.  If you have further questions, please let me know.